After trending lower over the past several sessions, stocks have moved mostly higher over the course of the trading day on Thursday. The major averages have all climbed firmly into positive territory after initially showing a lack of direction.

Currently, the major averages are just off their highs of the session. The Dow is up 286.72 points or 0.8 percent at 38,040.03, the Nasdaq is up 75.26 points or 0.5 percent at 15,758.63 and the S&P 500 is up 28.21 points or 0.6 percent at 5,050.42.

The strength on Wall Street may partly reflect bargain hunting, as traders look to pick up stocks at relatively reduced levels following recent weakness.

The Nasdaq and the S&P 500 have closed lower for four consecutive sessions, falling to their lowest levels in nearly two months.

With other recent rebound attempts losing steam as the day progressed, it will be interesting to see if the indexes can snap their losing streaks.

On the U.S. economic front, the Labor Department released a report showing first-time claims for U.S. unemployment benefits remained flat in the week ended April 13th.

The report said initial jobless claims came in at 212,000, unchanged from the previous week’s revised level. Economists had expected jobless claims to rise to 215,000 from the 211,000 originally reported for the previous week.

A separate report released by the Philadelphia Federal Reserve showed growth in regional manufacturing has unexpectedly seen a considerable acceleration in the month of April.

The Philly Fed said its diffusion index for current general activity jumped to 15.5 in April from 3.2 in March, with a positive reading indicating growth. Economists had expected the index to edge down to 1.5.

Meanwhile, the National Association of Realtors released a report showing a sharp pullback by existing home sales in the U.S. in the month March.

NAR said existing home sales plunged by 4.3 percent to an annual rate of 4.19 million in March after surging by 9.5 percent to a rate of 4.38 million in February. Economists had expected existing home sales to slump to a rate of 4.20 million.

Sector News

Airline stocks are extending the significant rally seen in the previous session, with the NYSE Arca Airline Index soaring by 2.6 percent.

Alaska Air (ALK) has helped lead the sector higher, spiking by 5.7 percent after reporting a narrower than expected first quarter loss on revenues that exceeded analyst estimates.

Considerable strength has also emerged among housing stocks, as reflected by the 1.9 percent gain being posted by the Philadelphia Housing Sector Index.

Oil service, banking and brokerage stocks are also seeing notable strength, while modest weakness is visible among semiconductor stocks.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Thursday. China’s Shanghai Composite Index inched up by 0.1 percent and Japan’s Nikkei 225 Index rose by 0.3 percent, while South Korea’s Kospi surged by 2.0 percent.

The major European markets have also moved to the upside on the day. While the French CAC 40 Index has climbed by 0.6 percent, the U.K.’s FTSE 100 Index is up by 0.4 percent and the German DAX Index is up by 0.3 percent.

In the bond market, treasuries have moved back the downside following the rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.2 basis points at 4.627 percent.